itaú unibanco chooses AWS as its cloud provider to accelerate digital transformation

By Pavithra R

Itaú Unibanco Holding, Latin America’s leading bank has announced selecting AWS as its long-term strategic cloud provider. Through the partnership, Itaú Unibanco will leverage the cloud to accelerate its digital transformation and enhance the banking experience for its customers around the world.

Under the 10 year deal, Itaú Unibanco will move the majority of its IT infrastructure off mainframes and its on-premises data centers to the cloud. The bank will also migrate its core banking platforms, online, and mobile banking applications, call center solutions, to AWS, to create a flexible and efficient technology architecture that will help the bank to swiftly introduce new customer facing services with lower operating costs.

Besides, the bank will leverage AWS’s infrastructure and services, including capabilities for machine learning, serverless, containers, managed database, compute, storage, analytics, and security, to gain agility and insights, helping it grow in new lines of business, develop new applications, and ensure security & regulatory compliance.

“Banking is all about delivering value to customers, and AWS helps us improve the time to value in every aspect of our business while expanding the benefits of digital payments to our customers. We are pursuing a complete digital transformation on AWS, moving off legacy mainframe technology, and using its portfolio of services to gain insights and agility that will make us even more responsive to our customers’ needs. At the same time, we’re investing in our employees, training them in the most advanced cloud technologies so that they can continuously innovate on behalf of the individuals and businesses we serve. We chose AWS because of its breadth of capabilities, high levels of security, global infrastructure, and strong financial services experience. We see AWS as a strategic collaborator, and we look forward to aggressively expanding our footprint in the cloud to help our customers’ financial dreams come true,” said Candido Bracher, CEO of Itaú Unibanco.

Itaú Unibanco is expanding its use of AWS’s comprehensive portfolio of capabilities across its insurance, banking, and credit cards lines of business, as well as throughout its subsidiaries, such as Rede, an electronic payment solution providers in Brazil. The bank leverages Amazon Elastic Compute Cloud (Amazon EC2) to provide scalable and secure compute capacity for Pix, Brazil’s nationwide digital instant payment platform, uses Amazon Elastic Container Service (Amazon ECS) and AWS Lambda (AWS’s serverless computing service), to launch and scale new financial services offerings quickly, including iti, the bank’s free digital account platform.

By modernizing Credicard on AWS, Itaú Unibanco can create a digital payment and banking platform that easily incorporates new features to meet evolving customer needs. Itaú Unibanco will also leverage AWS analytics and ML technologies to gain deeper insights into customers’ banking needs and deliver more personalized experiences.
Itaú will also migrate off its legacy databases to AWS’s cloud-native databases, such as Amazon Aurora and Amazon DynamoDB to reliably, and securely process financial transactions and build new applications that feature microservices architectures to support scalability and simplify updates.

“AWS is helping Itaú Unibanco deliver the transformative benefits of online banking and digital payments to its customers in Latin America and around the globe. By migrating its core applications to the world’s leading cloud, Itaú Unibanco can rely on the proven performance, scale, and unparalleled portfolio of capabilities of AWS to complete its transformation into an agile, more customer-centric business. Financial institutions rely on AWS for our secure, resilient global cloud infrastructure and services, industry expertise, and expansive network of partners. We continuously innovate so that AWS customers like Itaú Unibanco have the best resources to grow their businesses and meet rapidly changing customer behaviors and expectations,” said Andy Jassy, CEO of Amazon Web Services, Inc.

Also, read Latin America’s Mercado Libre taps AWS as its primary cloud provider.